Receiving paper checks from PBMs, insurers, and vendors has numerous disadvantages, including:
Longer processing time (taking weeks, instead of days, to get your money)
Less security (checks getting lost in the mail, for example)
Staff time to log and deposit those checks
As a pharmacy manager, I once found out there was a check from 4-5 years ago for the pharmacy that had never been cashed. It was small relative to revenue (I think around $8,000), but that was only by luck. Imagine what it could cost your pharmacy if it was a large amount of money.
Most payers offer an EFT/direct deposit option. Get started by:
Collecting copies of your checks from the past month or two
Go through each one, starting with the payers that provided the most revenue
Call them, use the EFT database on PharmCompliance, or both, and go through the process of setting up direct deposit (**note the EFT database needs to be updated, so there might be a couple dead links. It's still a good place to start though)
If you bring in one of your technicians for a few extra hours over the course of a few weeks yo will likely be able to convert most of your paper checks to direct deposit.
